Existing tenant with a lease upon the purchase of a property. : ezLandlordForms

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Existing tenant with a lease upon the purchase of a property.

Donald H

started a topic over 8 years ago

In the sate of Florida, does the new owner of a property have to honor the lease that the existing tenant had with the previous owner? The existing tenant has a annual lease which will terminate 6 months after the purchase. The existing lease has does not contain any clause that would address the property being sold before the termination date of the lease.

2 Comments

Jorge B

said over 8 years ago

Unless a clause is written into your lease agreement that addresses the sale of the building, the tenants are entitled to live there for the term of the lease. The buyer of the rental should understand that purchasing a property brings with it the responsibility of upholding all existing lease agreements as a landlord. Even if you have not specifically described these agreements, the law holds that anyone purchasing a unit already occupied by tenants is assumed to have given notice of the associated lease agreements. I hope this helps. Good luck!

Donald H

said over 8 years ago

Thank you. You confirmed what I suspected. Is there an addendum form available for the state of Florida that can be attached to a standard purchase contract which addresses an existing tenant ,( other than the seller ), at closing. i.e. transfer of security deposit, under the conditions stated in the original question above?